(1.) By this petition, under Section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Arbitration Act) a challenge is made to the Award dated 31 May 2007, passed by the Arbitral Tribunal in favour of the Respondent (the Contractor) against the Petitioner (Western Railway, Mumbai).
(2.) To the tender, as invited by the Petitioner on behalf of the President of India, for sole advertising rights of Borivali Station for one year, the Respondent s bid was accepted on 15 December 2003. The terms and conditions reflected in form No.3 of the tender document.
(3.) The basic conditions of the tender notice were as under: